2015 New Hampshire Revised Statutes
Title XXXVI - PAWNBROKERS AND MONEYLENDERS
Chapter 399-A - REGULATION OF SMALL LOANS, TITLE LOANS, AND PAYDAY LOANS
Section 399-A:6 - Reporting and Recordkeeping Requirements.
I. (a) Each licensee shall file, under oath, an annual report with the commissioner on or before March 31 each year concerning its business and operations for the preceding calendar year or license period ending December 31 in the form prescribed by the commissioner.
(b) A person who surrenders, withdraws, or does not renew a license shall file the annual report as required in subparagraph (a), notwithstanding the fact that it is not licensed on the date that the report is due.
(c) Each licensee shall also file, under oath, its financial statement with the commissioner within 90 days from the date of its fiscal year end. The financial statement shall be prepared in accordance with generally accepted accounting principles and shall include a balance sheet, income statement, statement of changes in owners' equity, a cash flow statement, and note disclosures. If the financial statement is not audited, a certification statement shall be attached and signed by a duly authorized officer of the licensee. The certification statement shall state that the financial statement is true and accurate to the best of the officer's belief and knowledge.
II. The commissioner shall publish an analysis of the information required in the licensee's annual report as part of the commissioner's annual report.
III. Any licensee or person failing to file either the annual report or the financial statement required by this section within the time prescribed shall pay to the commissioner a penalty of $25 for each calendar day the annual report or financial statement is overdue to a maximum penalty of $2,500 per report or statement and shall be subject to suspension or revocation of its license.
IV. In addition to the annual report and financial statement required by this section, the commissioner may require such regular or special reports as the commissioner deems necessary to the proper supervision of licensees under this chapter.
V. A licensee who files an annual report under this section which fails to disclose or materially misstates loan contracts made during the reporting year may, in addition to any other penalty provided by law and after notice and opportunity for hearing pursuant to RSA 541-A, be subject to a fine of not more than $1,000 and to license revocation or suspension.
VI. Each licensee shall keep and use in its business such books and accounting records as are in accord with sound and accepted accounting practice and enable the commissioner to determine whether the licensee is complying with this chapter and any rule adopted under it. A licensee shall keep and use business records in such form and at such location as the commissioner shall by rule determine. The rules may contain provisions for records to be recorded, copied, or reproduced by any process which accurately reproduces or forms a durable medium for reproducing the original record or document, or in any other form or manner authorized by the commissioner. Nothing in this section shall be construed to permit any licensee to destroy original records or documents. Each licensee shall preserve all such business records for as long a period as the commissioner shall prescribe by rule.
399-A:6 License Denial; Abandonment. --
I. If the commissioner determines that an applicant fails to meet the requirements of this chapter, the commissioner shall notify the applicant of that determination in writing immediately.
II. The commissioner may deny a license application if it is in the public interest and the applicant or the applicant's principal:
(a) Has filed an application for licensing which was incomplete in any material respect;
(b) Is the subject of an order entered within the past 5 years by this state, any other state, or federal regulator denying, suspending, or revoking a license or registration;
(c) Is permanently, preliminarily, or temporarily enjoined by any court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of lending or collection activities;
(d) Is not qualified on the basis of such factors as experience, knowledge, and financial integrity; or
(e) Should not be licensed for other good cause shown.
III. Applicants may appeal a license denial in accordance with RSA 541-A and rules of the commissioner.
IV. Applicants may petition the banking department for a rehearing in accordance with RSA 541 if the decision in an appeal conducted pursuant to paragraph II affirms a denial of a license application.
V. The commissioner may deem abandoned and withdraw any application for licensure made pursuant to this chapter if the applicant fails to respond in writing within 180 calendar days to a written request from the commissioner requesting a response. Such request shall be sent via certified mail to the last known address of the applicant that is on file with the commissioner.
Source. 2015, 73:1, eff. Jan. 1, 2016.
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